Magnificent 7 Update

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AMZN Cycle

• Magnificent 7 and a few other large-cap tech stocks were significant market drivers on the way up. 

• Evaluating their present state is instructive for gauging future market prospects. Today, I will look at AMZN.

• AMZN cycles composite from the daily and weekly charts are shown below.

• Shorter-term, they agree that some cycle pressure can be expected into the fall of 2024. This can manifest in a move down or a sideways correction.

• The weekly cycle composite, the 2^nd chart below, suggests a topping formation until mid-2025 and a significant cycle bottom in 2027.

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AMZN EW Chart

• The technical chart below shows the Elliott Wave count for AMZN.

• It shows that AMZN has completed, or about to do so, 5 minor waves since Oct’22, which likely completed intermediate degree fifth wave, (5).

• Consequently, a correction should follow. At least three waves down can be expected over the coming years. 

• Below the gray channel and gray horizontal line would be first indications that the trend has changed from up to down.

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